MyNewPlace Blog

This morning I attended a webinar hosted by Aimee Miller of Appfolio Property Manager and Brent Williams of Multifamily Insiders, featuring a presentation by Mike Whaling of 30lines discussing how apartment communities can improve their online marketing strategies.

Mr. Whaling detailed the basics of how apartments should lay the foundation for establishing an online presence, using the web to brand their community, all to help keep vacancy rates down. He laid out a strategy that every apartment community, no matter the size or location could utilize cost effectively to capture new and retain existing residents.

Before the presentation began, participants were polled to see how multifamily professionals were using which online tools. According to the poll, most apartment communities had a website, used free classifieds and an online advertising service like MyNewPlace. Conversely, not many people were using social networking sites and even fewer were keeping a blog.

The presentation began by citing Multifamily Marketing in the Internet Age (excerpt), MyNewPlace CEO John Helm's first white paper; the internet is now the primary tool for renters to find apartments, as more than 70 percent of renters begin their apartment searches online and more than 50 percent of leasing activity comes from online sources.

Mike's debut presentation this week (of which I hope there will be more) focused on building and optimizing an overall online presence, which includes building out an appropriate site, using other online services and getting involved with online social media.

The first step recommended was a simple one, google yourself; by typing in the keywords that someone would use to find your apartment, such as your apartment's name and variations, the neighborhood where you are located and the city or town in which your apartments are located, you can get a great first impression of if and how online renters can find your property.

Next, by dividing your audience into residents, potential residents and local businesses or people, you can build out appropriate “communications hubs" designed for each. This will help design the foundation for an expanded online presence based on the types of conversations that should be taking place; current residents have much different needs than prospective renters, and there are tools and sion the internet that are designed for each.

For example, Facebook pages work really well as supplements to resident portals, because they allow people to get to know one another and stay appraised of community events and news. Facebook pages do not, however, work well as a way to reach potential renters, since Facebook is not the online tool where renters search for apartments.

These types of examples and outlines are great first steps to help property managers and leasing professionals make strategic steps towards online visibility and functionality that will help retain residents.

Yesterday, we saw an interesting article over at Apartment Marketing Blog. As the article was entitled “An Urban Property Website “Must Have," we were naturally curious and took a closer look. This “must have" was a website called Walk Score, which attempts to quantify the walkability and convenience of a given neighborhood.

We think this is a great resource, especially designed for those attempting to move into an apartment in a neighborhood with which they are unfamiliar. Many people move into the city expecting to be able to jettison the hassles of owning a car, and this resource allows you to get a better idea of what a walk around the block will yield. Most urban renters desire an apartment that is nestled alongside a convenient set of stores, shops and entertainment venues, rather than a no-man's land within city limits.

Included in the Google Maps mash-up are icons that detail how far you will have to walk from your apartment to grocery stores, hardware stores, pharmacies, movie theaters, schools, fitness centers, bars, restaurants and coffee shops. Simply enter in the address of the apartment for which you are searching and the Walk Score will be calculated and the map will show an array of icons that represent each location type.

We think this is a great feature, as we feel that renters do not just look at apartments, but also at the surrounding area or neighborhood. A good apartment search will be sure to examine both the apartment as well as the neighborhood, as each will play an important and influential role in you and your roommates' lives.

Have you used the Walk Score? Have you found that it provides an accurate reflection of the “walkability" of your neighborhood? Is this feature something that MyNewPlace should look into providing for renters searching for apartments?

In 2008, there will be, at the absolute minimum, almost 26 million people looking for an apartment online. We have tabulated this figure from the fact that there are 37 million rental apartments and houses in the United States, according the U.S Census Bureau. An overwhelming 88% will seek another rental home this year, according to a study by Apartments.com. We combined this information with an independent study conducted by Compete, Inc. for MyNewPlace, which found that 79% of potential renters use the internet for their search.

The internet has become a reliable resource for people to begin their search for an enormously important decision in their lives, namely, finding a place to live. If 26 million people are using online resources to inform their decisions and choose apartments, it is absolutely necessary for apartment management companies to have user-friendly, updated and effective websites.

Recognizing and living by this, MyNewPlace offers a website solutions product called MyNewSite, which has been gaining popularity amongst apartment management companies.

Most recently, we would like to welcome Western National Group, www.wngapartments.com, and Miles Properties, http://miles.mynewsite.com to our online community and the MyNewSite product. We have great expectations that their sites will really be able help them attract new renters.

So how will these websites be able to get some of those 26 million into their rental properties?

At MyNewPlace, we have found that renting decisions are driven primarily by location, so it is important for sites to have maps that can show locations. One does not look for an apartment in Los Angeles or Atlanta, they look for a location within that city that will meet their needs.

For renters, can you even imagine not using the internet for your apartment search?

I cannot even begin to fathom how I would go about cooking a chicken without the internet, let alone find an apartment for rent.

Just as it is becoming common to use Google Maps to plot the most efficient route, even if only a few blocks, efficient apartment hunting is now only possible by using the internet.